EC - Ecopetrol secures new four-year labor deal with unions

2023-05-23 09:43:07 ET

Ecopetrol ( NYSE: EC ) said Tuesday it reached a four-year contract with seven labor unions , including the leading petroleum industry workers union, detailing pay increases for workers and social investment plans for applicable communities.

The new collective bargaining agreement will be retroactively effective from January 1, 2023, and remain valid until December 31, 2026.

Ecopetrol ( EC ) said workers will receive a raise of Colombia's annual inflation rate plus 1.5% for 2023 and inflation plus 1.6% for the following three years.

Colombia's consumer prices rose 13.12% in 2022, while the central bank's technical team has predicted 9.5% CPI for this year.

The deal will benefit 79% of the company's 9,500 workers, a spokesperson said.

More on Ecopetrol:

• Financial and valuation comparison to sector peers
• Analysis: Ecopetrol Now At The Mercy Of New Left-Wing Government And Exploration Restrictions
• Stock price return: Down 3.5% YTD, down 30% in the past 12 months

For further details see: